The appraisal of the "market value" of homes serving as the collateral for mortgages is a fundamental part of the underwriting process. If a loan should default, however, it is not the retail market value that the lender obtains, but rather the "recovery value." In this research, we show how...

We investigate relations among inside ownership, managerial expenses, risk sharing and equity valuations. Our engine of analysis-Real Estate Investment Trusts (REITs)-provides a unique and rich framework for analysis since we can calculate extremely accurate measures of asset replacement costs,...

This study documents the wide deviation of securitized real estate assets in equity REITs from the value of the underlying commercial properties. A procedure for estimating the net asset value of REITs is developed and the estimates are used to investigate the sources of premiums/discounts from...

ERES:conference